UK/US - Prudential's new business sales for group insurance and investment rose by 29%, from around £21.4bn to £27.6bn in 2002.
While its corporate pension sales were down on an annual premium equivalent basis from 2001, its total sales in this area rose by 23% reflecting the move towards single premium products.
And Prudential’s fund management subsidiary – M&G – saw a recorded gross funds inflow of £1bn in 2002 – up 11% on 2001.
Prudential group chief executive Jonathan Bloomer said: “These strong sales figures were achieved in extremely difficult market conditions and fully endorse our strategy of growing internationally, broadening our distribution reach and diversifying our product range.
“We expect market conditions to remain challenging for many areas of our business throughout 2003, particularly in the UK and the US. However, our international diversification and focus on running the business for value positions us well to deliver sustainable profitable growth over the longer-term.”
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